v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
Revenue $ 2,432 $ 4,625 $ 8,410 $ 6,898
Operating expenses:        
Cost of revenue 29 88 153 122
General and administrative 3,659 3,572 13,724 8,793
Sales and marketing 94 668 467 1,814
Research and development 140 269 364 751
Depreciation and amortization 353 352 1,056 693
Net (gain) loss on digital assets (37,946) (74,368) 34,603 (95,561)
Loss on disposition of Janover Pro 0 1,958 0 1,958
(Gain) loss from changes in fair value of contingent consideration 0 0 0 (64)
Total operating expenses (33,671) (67,461) 50,367 (81,494)
Operating income (loss) 36,103 72,086 (41,957) 88,392
Interest expense (3,359) (2,933) (9,756) (3,709)
Gain on retirement of debt 0 0 2,849 0
Gain (loss) from derivative instruments 33,400 4,639 10,587 4,639
Investment and other income (expense), net 447 169 (5,808) 494
Income (loss) before income taxes 66,591 73,961 (44,085) 89,816
Income tax expense 0 (17,935) (1) (19,136)
Net income (loss) 66,591 56,026 (44,086) 70,680
Preferred stock dividends (126) 0 (126) 0
Net income (loss) attributable to common shareholders $ 66,465 $ 56,026 $ (44,212) $ 70,680
Net income (loss) per share attributable to common shareholders:        
Basic (in dollars per share) $ 2.24 $ 2.70 $ (1.59) $ 4.71
Diluted (in dollars per share) $ 1.91 $ 1.95 $ (1.59) $ 3.74
Weighted-average common shares outstanding:        
Basic (in shares) 29,682 20,759 27,776 15,009
Diluted (in shares) 35,922 29,510 27,776 19,469